Are these insurance quotes reasonable???

Discussion in 'Expediter and Hot Shot Trucking Forum' started by 24kHotshot, Jul 24, 2019.

  1. 24kHotshot

    24kHotshot Medium Load Member

    Feb 19, 2019
    I'm being quoted $30,000 +/- for my new company of one truck, 1 mill liability, 200k cargo and physical damage for my truck and trailer out of Florida. Also got my new dot and mc numbers.
    Tough finding any insurance company except Progressive to give me a quote. I have 7 brokers shopping for quotes for me for the last week. Since registering my dot number I get non stop calls from more insurance brokers and when I tell them they would have to find any other company except progressive to insure me they wish me luck and hang up.

    I need to find something better asap. I understand that new ventures get high quotes but 30 grand is a bit ridicilous.

    Any companies you guys can refer me to?
  2. DUNE-T

    DUNE-T Road Train Member

    May 10, 2015
    Detroit, MI
    FL is like the worst place to start a new venture
    Puppage and Intothesunset Thank this.
  3. Intothesunset

    Intothesunset Road Train Member

    Apr 15, 2019
    Are you sure your getting rates for a pickup operation. That's seems rediculous. As cargo should be about 200 a week? Physical should be almost nothing if your truck is brand new it will be almost worthless in 2 years if you run 100,000 miles per year.
    I am not sure but isn't liability minimum limit $500,000 necessary as a federal requirement.
  4. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

    Jan 20, 2010
    Hesperia, Ca.
    $750,000 is minimum.... I carry 2 million
  5. calnca

    calnca Light Load Member

    Apr 2, 2014
    Depending on where in FL, that may or may not be a high premium.

    In addition to the "new venture" and new DOT#, a lot depends on how long you've had your Class A.

    We are a truck insurance CARRIER. (Berkshire Hathaway) Our pricing in CA for a new venture/new DOT runs typically $ 30,000 - 50,000....and can get as high as $ 60,000 - 80,000 for a 23 year old with a NEW Class A CDL.

    Not much market capacity for new venture/new DOT operations, as the carriers who tried to write that book of business at $ 12,500 for liability got their head handed to them, and are now out of trucking for hire.
    MartinFromBC and Diesel Dave Thank this.
  6. Puppage

    Puppage Road Train Member

    Aug 2, 2012
    You just hate oranges. :)
    MartinFromBC Thanks this.
  7. woolybully35us

    woolybully35us Light Load Member

    Mar 13, 2015
    dam I got my numbers two month ago . 200.000 cargo 1 mil liability 60000 physical. through progressive 1000 dec cost me 7300 a year
    Lite bug and MartinFromBC Thank this.
  8. 24kHotshot

    24kHotshot Medium Load Member

    Feb 19, 2019
    3 different brokers with 3 different quotes from progressive. There is about $9000 difference between the 3 quotes. From $29,000 - $38,000. They all got the same info from me.
    I called progressive commercial to ask how this happens and to get a quote straight from them. They told me that if the broker misstyped something in the application I could be liable for backpay or a cancelled policy which could harm my chances with getting a new policy with a different agency.
    Quote direct from progressive came out to $38,500. I'm shocked but dont see any other way than to eat it for a year and hope for a better quote next year.

    I forgot to mention, im an auto hauler...
  9. crocky

    crocky Road Train Member

    Jun 28, 2017
    Hey dude I'm also in FL and my 1st quote from Progressive was also in the $30k range.. I can tell you why..

    If you go with Progressive you have to tell them you will not haul cars, no oil fields for at least your 1st year. If you tell them you wont be hauling cars the rate will cut in half. After I talked to a 2nd agent & told them no cars my quote went from $30k to $12k if I pay cash or $14k if financed..

    They consider cars a low grade hazmat because of the fuel tanks..

    I was quoted this about a month & a half ago..
  10. crocky

    crocky Road Train Member

    Jun 28, 2017

    Car carrier is the problem, they consider cars low level hazmat due to fuel tanks.
    Adieu Thanks this.
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